Momentum to adopt international accounting standards in the United States, which had appeared to be a certainty as recently as last summer, is suddenly disappearing more quickly than an AIG bonus.
Public comments have been rolling into the Securities and Exchange Commission at a brisk pace ever since the SEC unveiled its proposed roadmap last fall to adopt International Financial Reporting Standards in the United States starting in 2014. But since the plan’s debut, the financial crisis and Washington’s dizzying array of legislative and regulatory solutions to it have pretty much put everything else on hold.
